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Alhambra Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1 Inventory December 31, 20x1 $ 70,000 January 1, 20x1 Classification Raw material Work in process 60,000 120,000 115,000 Finished goods 150,000 65,000 During 20x1, the company purchased $240,000 of raw material and spent $400,000 for direct labor. Manufacturing overhead costs were as follows $ 9,000 Indirect material Indirect labor Depreciation on plant and 25,000 100,000 25,000 equipment Utilities Other 30,000 Sales revenue was $1,106,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firms tax rate is 40 percent.3. Prepare an income statement. ALHAMBRA ALUMINUM COMPANY Income Statement For the Year Ended December 31, 20x1

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Answer #1

Cost of goods manufactured =$824000

Cost of good sold=$809000

Net income=$112200

Detailed working notes are attached as handwritten. A LHABRA ALUnOINUM) ST OF C1oods MANV FACTUReD FoR THe YEAR NDeD on Jan 1 6O,ooo 4 000O 23oooc 40000 Di xecl Labous Maoufachsing over headl Indireck Labou Plaoteawpoel a5000 utilities 30000 1890 00 8Ia0oo 20000 5000 Tolel anu fatony costAL HAMBRA CoNOPANy SCHE DULe OF cosT oF UooD 50LD FoR THE YCAR ENOCD 5000d Fioished Gocdls o Jan ct) cost of goods rOaousfackaud Cos of goody availabu fos sale 「inšhd goods on Dec 31 804000 400o 16 50 00 Cost ot Cood So ALHAMIBRA CoMOPANY lMconye STATEMeNT Sale Reveoue 1106 00 0 Cos of good Sold 801o00 ing adroloislralive expense 18700 a (-נ Tax @ to.. 4.800 1122 00

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